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While no rate changes are expected at the close of the Federal Open Market Committee's (FOMC) two-day policy-setting meeting that begins today, NAFCU Chief Economist and Vice President of Research Curt Long said that as more rate hikes are imminent, credit unions will soon feel the impact.

Long said a quarter-point rate hike is anticipated during the FOMC's Dec. 12-13 meeting.

"So far, increases in the federal funds rate have not resulted in meaningful changes in retail rates," said Long. "But as Fed tightening continues, it won't be long before credit unions find themselves competing on rates with other depositories."

The committee last raised the federal funds target rate to a range of 1 to 1.25 percent in June.

NAFCU's research team will issue a Macro Data Flash on the results of the FOMC's meeting Wednesday.